We have known for a while now the gist of former President Donald Trump’s economic policy that he would be campaigning on, which essentially boils down to a weaker dollar and lower rates. Now Trump has made it official about what he and the GOP are initially promising.
The WinePress reported in May that Trump is seeking to cut the corporate tax rate down to as low as 15%, down from the 21% his administration passed during his first tenure, which was originally at 35%. As detailed in that report, those tax breaks did not “trickle down” to the masses and employees, but rather simply enriched those at the top of the pyramid further and led to massive corporate stock buybacks.
Moreover, as explained in that report, Trump has been on record on a number of occasions calling for negative interest (where depositors would pay to keep their money in the banks), and paradoxically has remarked that the U.S. dollar is “too strong.” Simply put: a weaker dollar is stock market positive as it requires more less valuable notes to buy things and buy shares of stock, thereby strengthening big businesses and corporations even further, but would only add to inflation problems and make the cost of goods rise higher.
Now, with the backdrop of the Republican National Convention, Trump solidified his ambitions to cut corporate taxes again, along with a number of other things that he is dubbing “Trumponomics.”
ZeroHedge provided more details as to what this entails (emphasis theirs):
Before the failed assassination attempt, before the catastrophic (for Biden) first presidential debate, Donald Trump gave Bloomberg an extensive interview in which he laid out the core tenets of Trumponomics 2.0 that will define his next presidency. Here are the key highlights:
According to the interview, if Trump wins, he will…
- enforce huge bilateral sanctions even though he claims “I don’t love sanctions,” he says. He keeps circling back to William McKinley, who he says raised enough revenue through tariffs during his turn-of-the-20th-century presidency to avoid instituting a federal income tax yet never got the appropriate credit.
- allow Jerome Powell to serve out his term as chair of the Federal Reserve, which runs through May 2026
- will lower the corporate tax rate to as low as 15%
- no longer plans to ban TikTok.
- considers Jamie Dimon to serve as secretary of the Department of the Treasury
- ambivalent (if not outright hostile) to the idea of protecting Taiwan from Chinese aggression and to US efforts to punish Putin for invading Ukraine.
While the broad strokes of Trumponomics might not be different from what they were during his first term, what’s new is the speed and efficiency with which he intends to enact them. He believes he understands the levers of power much more deeply now, including the importance of selecting the right people for the right jobs. “We had great people, but I had some people that I would not have chosen for a second time,” he says. “Now, I know everybody. Now, I am truly experienced.”
Maybe he is, or maybe he just is surrounded by better people. Here is the inner circle of Trump economic policy advisors:
In a world where everything else has been tried – and has pushed US debt to stratospheric levels that virtually assure the US will lose the dollar reserve status in coming years, Trump is betting that his unorthodox agenda of tax cuts, more oil, less regulation, higher tariffs and fewer foreign financial commitments will appeal to enough swing state voters to hand him the election. And it’s working: debate and assassination attempt boosts aside, recent polling has showed that Black and Hispanic men are shifting to the Republican Party as they tire of historically high prices for food, housing and gas. As many as 20% of Black men now back Trump while Biden is struggling to sell key voters on his catastrophic economic record (not to mention the panic over his age). While Trump is almost assured a win in November according to online prediction markets, many Democratic leaders are increasingly concerned he’ll also deliver Republicans control of the House and Senate along with the White House: a sweeping red tsunami. In such an outcome, Trump would have unprecedented leverage to shape the US economy, the climate for global businesses and trade with allies for decades to come.
But there is one hurdle: while the business leaders Trump would be working with prize stability and certainty, they didn’t get much of either in Trump’s first presidency. This time around, his campaign is more professionally run, but he hasn’t produced a detailed economic policy agenda to reassure them. The vacuum has generated confusion among those who are planning for a second Trump term.
So Trump took advantage of the interview to set the record straight on some key items:
The Fed
In late April, a few of Trump’s informal policy advisers leaked to the Wall Street Journal an explosive draft proposal to severely curb the independence of the Federal Reserve. It was inferred that Trump had endorsed the idea, which didn’t seem like a stretch given his prior attacks on Powell. In fact, the Trump campaign insisted he’d endorsed neither the proposal nor the leak, and his top campaign brass were furious about it. But the episode was a consequence of Trump’s still-unformed policy, which has left wonks from such think tanks as the Heritage Foundation battling to fill in the details and jockey for influence. Other conservative policy entrepreneurs have been pushing proposals to devalue the dollar or institute a flat tax. At Mar-a-Lago, Trump makes it clear he’s fed up with the unauthorized freelancing. “There’s a lot of false information,” he complains. He’s eager to set the record straight on several topics.
First, there’s Powell. While in February, Trump told Fox News that he wouldn’t reappoint the Fed chair; now he states unequivocally that he’ll let Powell finish his term, which would last well into a second Trump administration. “I would let him serve it out,” Trump says, “especially if I thought he was doing the right thing.”
Even so, Trump has thoughts on interest-rate policy, at least in the near term. The Fed, he warns, should abstain from cutting rates before the November election and giving the economy, and Biden, a boost. That would be a problem for a market that has already priced in not one but two rate cuts in the second half (the first of which in September). “It’s something that they know they shouldn’t be doing,” he said.
Inflation
Trump has been ruthlessly critical of Biden’s stewardship of the economy. But he sees, in the anger generated by high prices and interest rates, an opportunity to woo voters who typically don’t support Republicans, such as Black and Hispanic men. Trump says he’ll bring down prices by opening up the US to more oil and gas drilling. “We have more liquid gold than anybody,” he says, even though the tariffs he plans on implementing will certainly lead to higher prices for imported goods. A report from the Peterson Institute estimates that Trump’s tariff regime would impose an additional annual cost of $1,700 for the average middle-income family. And Oxford Economics estimates that Trump’s combination of tariffs, immigration restrictions and extended tax cuts could also increase inflation and slow economic growth. The through line of these policies, says Bernard Yaros, lead US economist at Oxford Economics, is “an increase in inflation expectations.”
Immigration
He believes harsh restrictions are key to boosting domestic wages and employment. He characterizes immigration restrictions as “the biggest [factor] of all” in how he’d reshape the economy, with particular benefits for the minorities he’s eager to win over. “The Black people are going to be decimated by the millions of people that are coming into the country,” he says. “They’re already feeling it. Their wages have gone way down. Their jobs are being taken by the migrants coming in illegally into the country.” Trump’s language turns apocalyptic. “The Black population in this country is going to die because of what’s happened, what’s going to happen to their jobs—their jobs, their housing, everything,” he continues. “I want to stop that.”
Budget deficit
Trump’s desire to renew his landmark 2017 Tax Cuts and Jobs Act and to further reduce corporate taxes means that the budget deficit, having ballooned to war levels, will not shrink any time soon if ever. Coupled with the upward pressure on interest rates that economists expect from his protectionist policies, Trump’s plans could exacerbate the country’s growing debt burden. In the end, however, Trump’s other positions could be enough to sway business leaders to his side. Harold Hamm, a Trump donor and the executive chairman of oil giant Continental Resources Inc., writes in an email: “There seems to be outright hostility to free markets in the Biden Administration. As a result, capital is parked on the sidelines. Why? Because of regulatory uncertainty and in some cases downright regulatory hostility toward certain sectors.” Hamm cites the pause Biden put on liquefied natural gas projects in January as one example. “When Trump is re-elected,” he predicts, “that capital that was parked on the sidelines will be unleashed once again.”
Treasury Secretary Dimon
It is no secret that most Fortune 1000 CEOs have never been fans of Trump, but slowly the tide is turning. Overnight, the world’s richest man, Elon Musk, announced he would donate $45 million a month to a Trump PAC. Expect many others to follow. But the biggest praise for Trump in recent months has come from a card-carrying Democrat and the CEO of the largest US bank: “Be honest,” Jamie Dimon said at the World Economic Forum in Davos in January. “He was kind of right about NATO, kind of right about immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. … He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him.” According to Bloomberg, Trump relishes the compliment. He’s changed his view of the man he attacked on Truth Social last year as “Highly overrated Globalist Jamie Dimon” and now says he could envision Dimon, who’s thought to be contemplating a political career, as his secretary of the Treasury. “He is somebody that I would consider,” Trump says.
Tariffs and Foreign Policy
As president, Trump shattered the long-standing Republican orthodoxy of favoring free trade. He says he’ll go further if reelected. To Bloomberg, he offered an impassioned defense of US tariffs — he’s been studying McKinley, dubbing him “the Tariff King” — to make it clear he intends to ratchet up levies not just on China but on the European Union, too. “McKinley made this country rich,” Trump says. “He was the most underrated president.” In Trump’s reading of history, McKinley’s successors squandered his legacy on costly government programs such as the New Deal (“the whole thing with the parks and the dams”) and unjustly poisoned an important tool for economic statecraft. “I can’t believe how many people are negative on tariffs that are actually smart,” Trump says. “Man, is it good for negotiation. I’ve had guys, I’ve had countries that were potentially extremely hostile coming to me and saying, ‘Sir, please stop with the tariff stuff.’”
Another confirmation that Trump was right: despite rampant criticism, Biden maintained Trump’s tariffs on China, even increasing ones on steel, aluminum, semiconductors, electric vehicles, batteries and other goods. “This is going to add price inflation across the board, all in the name of ‘tough guy’ election-year politics,” Yaël Ossowski, deputy director of the Consumer Choice Center, a nonpartisan advocacy group, said in May. And sure enough, in Trumpworld, Biden’s actions are seen as validation that Trump was right, and his Democratic critics were wrong, about the threat China poses to the US economy and security. Trump is eager to prescribe more of the same medicine, including to European allies. In addition to targeting China for new tariffs of anywhere from 60% to 100%, he says he’d impose a 10% across-the-board tariff on imports from other countries, citing a familiar litany of complaints about foreign countries not buying enough US goods.
“The ‘European Union’ sounds so lovely,” Trump says. “We love Scotland and Germany. We love all these places. But once you get past that, they treat us violently.” He mentions reluctance in Europe to import US automobiles and agricultural products as key drivers of the more than $200 billion trade deficit, a statistic he considers a critical measure of economic fairness.
Taiwan
Asked about America’s commitment to defending Taiwan from China which views the Asian democracy as a breakaway province, Trump makes it clear that despite recent bipartisan support for Taiwan, he’s at best lukewarm about standing up to Chinese aggression. Part of his skepticism is grounded in economic resentment. “Taiwan took our chip business from us,” he says. “I mean, how stupid are we? They took all of our chip business. They’re immensely wealthy.” What he wants is for Taiwan to pay the US for protection. “I don’t think we’re any different from an insurance policy. Why? Why are we doing this?” he asks. Another factor driving his skepticism is what he regards as the practical difficulty of defending a small island on the other side of the globe. “Taiwan is 9,500 miles away,” he says. “It’s 68 miles away from China.” Abandoning the commitment to Taiwan would represent a dramatic shift in US foreign policy, as significant as halting support for Ukraine. But Trump sounds ready to radically alter the terms of these relationships.
Saudi Arabia
His views about Saudi Arabia are far more amicable. He says he’s spoken to Crown Prince Mohammed bin Salman Al Saud within the past six months, though he declines to elaborate on the nature and frequency of their talks. Asked if he worries that increasing US oil and gas production would upset the Saudis, who wish to maintain their primacy in energy, Trump replies that he doesn’t think so, pointing once more to a personal relationship. “He likes me, I like him,” he says of the crown prince. “They’re always going to need protection … they’re not naturally protected.” He adds: “I’ll always protect them.” Trump blames Biden and former President Barack Obama for eroding US relations with Saudi Arabia, saying they pushed the country toward a key adversary. “They’re not with us anymore,” he says. “They’re with China. But they don’t want to be with China. They want to be with us.”
Ukraine
Western allies are taking extensive measures to prepare for his possible return to the White House. These include increasing defense spending, transferring control of military aid for Ukraine to NATO, racing to improve relationships with Trump’s advisers and affiliated think tanks, and reaching out to Republican governors and thought leaders to divine his intentions. At a NATO summit in Washington, Ukrainian President Volodymyr Zelenskiy urged allies to act quickly to help his country repel Russia’s invasion instead of waiting for the election results in November to decide what to do. Dan Caldwell, a policy adviser at the right-leaning think tank Defense Priorities, says that “it’s actually in Europe’s interest to ‘America-proof’ their defense and to start operating on the assumption that the United States has other, more urgent national security priorities, and domestic ones as well.”
TikTok
The one exception to Trump’s claim to not want to harm US tech companies, and to privilege domestic ones over foreign ones, is TikTok. Discussing his recent embrace of the Chinese-owned social media platform, where he’s already quite popular, Trump mentions that banning it in the US would benefit a company and a CEO he has no desire to reward. “Now [that] I’m thinking about it, I’m for TikTok, because you need competition,” he says. “If you don’t have TikTok, you have Facebook and Instagram—and that’s, you know, that’s Zuckerberg.” It’s an outcome he won’t abide. He’s still stung by Facebook’s decision to bar him indefinitely in the wake of the Jan. 6 attacks. “All of a sudden,” Trump grouses, “I went from No. 1 to having nobody.”
Crypto
His reversal on cryptocurrency has been marked by similar dynamics: not long ago he criticized Bitcoin as a “scam” and a “disaster waiting to happen.” Now he says it and other cryptocurrencies should be “made in the USA.” He frames this about-face as a practical necessity. “If we don’t do it, China is going to figure it out, and China’s going to have it—or somebody else,” he says.
Not coincidentally, the crypto industry – spurned by the Democratic Party, brimming with cash and eager for friends in Washington – has now found its way to Trump. “Thanks largely to the actions of the Securities and Exchange Commission, the Biden administration has stumbled into becoming anti-crypto,” says Justin Slaughter, policy director at the crypto-focused investment firm Paradigm. “Given that about 20% of Democrats own crypto, per polling, and its ownership skews young and non-White, this was politically unwise.” Trump has moved to fill the void, declaring in a May speech that he would “stop Joe Biden’s crusade to crush crypto.” The following month he reaped the benefits, raising money from Bitcoin miners at a Mar-a-Lago fundraiser. Trump’s campaign then announced it would “build a crypto army,” and it now accepts crypto contributions.
More in the full Bloomberg interview here.
AUTHOR COMMENTARY
Make America Great Again? Drain the swamp? Fight the deep state? Not even close – it was all a ruse from the very beginning. He never drained anything, but filled the deep state with even more swamp creatures, and Trump is now making that VERY clear for all eyes to see. Making a thieving criminal such as Jamie Dimon the Treasurer and openly saying he wants Powell to remain as the Fed Chair right there alone tells you all that you need to know.
Proverbs 20:17 Bread of deceit is sweet to a man; but afterwards his mouth shall be filled with gravel.
Proverbs 25:19 Confidence in an unfaithful man in time of trouble is like a broken tooth, and a foot out of joint.
I have so many articles at this point exposing the complete and total fraud that Trump is, so I won’t get into it here, but certainly read those many reports for all the evidence you need.
SEE: Bought & Paid For: Joe Biden Is Bankrolled By Blackrock And Donald Trump Is Bankrolled By Blackstone
We have been hearing for some time that Trump needs to get back in so he can “finish the job.” Well, now it’s starting to make more sense what that actually means, because these tax cuts coupled with astronomical tariffs on the whole world WILL absolutely collapse the U.S. once and for all. It’s already a sinking ship that can’t be saved regardless, but this would solidify that, guaranteed.
Econ. Professor Richard D. Wolff explained the devastating effects these tariffs will have in a recent interview that you should definitely watch.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Hiya very nice site!! Guy .. Excellent .. Wonderful .. I will bookmark your website and take the feeds additionally?KI’m glad to search out numerous useful info here in the publish, we want work out extra strategies in this regard, thanks for sharing. . . . . .
I am forever thought about this, appreciate it for posting.
Very interesting information!Perfect just what I was looking for!
I don’t normally comment but I gotta say regards for the post on this special one : D.
I truly treasure your work, Great post.
It’s a shame you don’t have a donate button! I’d most certainly donate to this outstanding blog! I suppose for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to brand new updates and will share this blog with my Facebook group. Chat soon!
Good day! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?
Utterly written content, appreciate it for selective information. “Necessity is the mother of taking chances.” by Mark Twain.
Very interesting details you have observed, regards for putting up.
Outstanding post, I think people should acquire a lot from this site its really user genial.
With havin so much written content do you ever run into any issues of plagorism or copyright infringement? My site has a lot of exclusive content I’ve either written myself or outsourced but it looks like a lot of it is popping it up all over the web without my authorization. Do you know any techniques to help reduce content from being stolen? I’d genuinely appreciate it.
Hi there very cool web site!! Man .. Excellent .. Amazing .. I’ll bookmark your blog and take the feeds additionally…I’m happy to find a lot of helpful info right here within the post, we need work out extra techniques on this regard, thank you for sharing.
Respect to op, some wonderful information .
I’ve read several excellent stuff here. Definitely price bookmarking for revisiting. I wonder how a lot effort you put to create such a wonderful informative site.
Only wanna input that you have a very nice web site, I like the pattern it actually stands out.
Howdy, i read your blog occasionally and i own a similar one and i was just wondering if you get a lot of spam responses? If so how do you stop it, any plugin or anything you can recommend? I get so much lately it’s driving me mad so any support is very much appreciated.
Hiya, I am really glad I have found this info. Today bloggers publish only about gossips and net and this is actually irritating. A good web site with interesting content, that’s what I need. Thanks for keeping this site, I will be visiting it. Do you do newsletters? Can’t find it.
Super-Duper blog! I am loving it!! Will be back later to read some more. I am bookmarking your feeds also
Great – I should certainly pronounce, impressed with your website. I had no trouble navigating through all the tabs as well as related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your customer to communicate. Nice task..
What i do not realize is actually how you’re now not really much more neatly-favored than you may be now. You’re very intelligent. You recognize therefore significantly in the case of this matter, made me personally consider it from a lot of various angles. Its like men and women don’t seem to be interested unless it’s something to do with Lady gaga! Your personal stuffs outstanding. Always maintain it up!
I wanted to send you the little bit of note to say thank you the moment again for the incredible suggestions you have contributed on this website. This is simply remarkably generous with people like you to offer unhampered all that a lot of people could possibly have offered for an e-book to make some profit for their own end, chiefly considering the fact that you might have tried it in the event you desired. These strategies as well worked as a easy way to fully grasp that the rest have a similar fervor the same as my personal own to realize many more pertaining to this problem. I believe there are numerous more pleasurable moments in the future for individuals that read carefully your blog post.
Along with every thing which seems to be developing inside this particular area, a significant percentage of perspectives are generally quite exciting. Having said that, I am sorry, because I do not give credence to your entire strategy, all be it refreshing none the less. It appears to everyone that your commentary are generally not totally justified and in reality you are generally your self not really completely convinced of the argument. In any event I did enjoy looking at it.
F*ckin’ amazing issues here. I am very satisfied to peer your post. Thank you so much and i am looking forward to touch you. Will you kindly drop me a mail?
You made some nice points there. I did a search on the subject and found most persons will agree with your blog.
Very interesting topic, regards for putting up. “Everything in the world may be endured except continued prosperity.” by Johann von Goethe.
I am often to blogging and i really appreciate your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for new information.
I believe this site contains some really excellent information for everyone : D.
I’ve recently started a blog, the information you provide on this web site has helped me greatly. Thanks for all of your time & work.
It?¦s actually a great and helpful piece of information. I am glad that you shared this useful info with us. Please stay us informed like this. Thank you for sharing.
I’ve been surfing on-line more than 3 hours as of late, but I never found any interesting article like yours. It is pretty worth sufficient for me. In my view, if all webmasters and bloggers made good content as you did, the web can be a lot more useful than ever before.
Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!
After examine just a few of the blog posts in your website now, and I really like your way of blogging. I bookmarked it to my bookmark web site record and can be checking again soon. Pls try my web site as nicely and let me know what you think.
great issues altogether, you just gained a logo new reader. What might you suggest in regards to your submit that you just made a few days ago? Any positive?
It is actually a nice and useful piece of info. I am satisfied that you just shared this useful info with us. Please keep us up to date like this. Thank you for sharing.
Thank you for another informative site. The place else may just I get that kind of information written in such a perfect method? I’ve a challenge that I’m just now running on, and I’ve been on the glance out for such info.
I’ve been absent for some time, but now I remember why I used to love this website. Thank you, I’ll try and check back more often. How frequently you update your website?
Attractive section of content. I just stumbled upon your weblog and in accession capital to assert that I get actually enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently rapidly.
Would love to incessantly get updated great site! .
You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complex and very broad for me. I’m looking forward for your next post, I will try to get the hang of it!
Very interesting information!Perfect just what I was looking for!
Howdy! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us beneficial information to work on. You have done a outstanding job!
I went over this web site and I believe you have a lot of fantastic info , bookmarked (:.
Hi there, I found your blog via Google while looking for a related topic, your website came up, it looks good. I’ve bookmarked it in my google bookmarks.
I adore reading through and I conceive this website got some genuinely useful stuff on it! .
Thanks for sharing superb informations. Your web-site is very cool. I’m impressed by the details that you have on this website. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched everywhere and simply could not come across. What a great website.
Fantastic web site. Lots of helpful info here. I’m sending it to a few buddies ans additionally sharing in delicious. And obviously, thank you on your sweat!
he blog was how do i say it… relevant, finally something that helped me. Thanks
F*ckin’ amazing things here. I’m very satisfied to look your post. Thanks a lot and i am looking ahead to contact you. Will you please drop me a mail?
Very interesting info !Perfect just what I was looking for! “If you want to test your memory, try to recall what you were worrying about one year ago today.” by Rotarian.
It’s actually a nice and useful piece of information. I’m glad that you shared this helpful information with us. Please keep us up to date like this. Thanks for sharing.